The Senate has approved President Bola Ahmed Tinubu’s request to secure a $516,333,007 syndicated loan from Deutsche Bank AG to finance the Sokoto–Badagry super highway project.
The approval followed consideration of a report by the Senate Committee on Local and Foreign Debts, presented by its Deputy Chairman, Adamu Aliero.
The committee said it had thoroughly reviewed the proposal and concluded that the highway would significantly improve connectivity, stimulate internal trade, and strengthen cross-border commerce along the corridor.
Leading the debate, Senators Mohammed Monguno and Jibrin Barau backed the committee’s recommendation, arguing that the project would generate employment opportunities and support economic growth.
They also praised the administration for pushing forward with the initiative.
Senate President Godswill Akpabio said the long-term benefits of the Sokoto–Badagry highway would positively impact Nigeria’s economy for decades.
He subsequently put the request to a voice vote, where it received overwhelming support.
Akpabio commended the committee for its detailed work and urged the Federal Ministry of Works to ensure that the loan is effectively utilized to deliver the project’s intended outcomes.
